XRP Whale Activity Hits All-Time High, But Analyst Warns Against Buying Ripple Now
XRP price reached $2.81 today, and now the all-time high of around $3.84 is not far away. The growing positivity around Ripple’s cryptocurrency seems to be higher than ever.
CryptoQuant reported yesterday that whale activity in XRP is at an all-time high. Let’s find out.
Whale activity in XRP
The chart from CryptoQuant reveals some interesting insights into XRP’s recent market dynamics. The blue bars representing whale activity show intermittent but noticeable spikes over time, often coinciding with major price movements or anticipated market events.
$XRP Whale Activity Hits All-Time High! “Whale activity in XRP is at an all-time high, suggesting that XRP has now been embraced as a valuable asset by whales.” - via @theKriptolik More details https://t.co/OfKdPLUkn0 pic.twitter.com/bsukMB4vFP
— CryptoQuant.com (@cryptoquant_com) December 2, 2024
The most recent data point is particularly notable, showing a massive increase in whale activity far beyond previous levels. This is entirely consistent with the claim that whale activity has reached an unprecedented level.
When looking at the price history of XRP, we have seen notable cycles of highs and lows. The cryptocurrency saw notable highs during the crypto bull market of late 2017 to early 2018, surpassing $2.50. Another memorable price spike occurred in 2021 during the broader cryptocurrency market boom.
Currently, XRP is showing a clear increase in price, breaking through the $2 range and is associated with a surge in whale activity. The latest whale activity is the highest ever recorded, surpassing 25,000 XRP, as shown in the chart. Just for comparison – whale activity rose to around 20,000 XRP during the price peak in 2018.
Historically, large spikes in whale activity tend to precede or coincide with large price movements, suggesting that whales may be accumulating or distributing XRP in preparation for potential market changes.
Analyst's view on XRP
Popular analyst Michiel van de Poppe has provided a thorough analysis of the current state of XRP. While acknowledging the impressive chart and its proximity to an all-time high, he advised caution. From a risk/reward perspective, van de Poppe suggested that potential new investors may want to wait for a correction.
Huge chart of $XRP. Congratulations, almost a new all-time high! However, from a risk/reward perspective, if you don’t have a position, I’d recommend waiting for a correction. If you do, ask yourself: will it 3x again or is another altcoin doing so? I’d take a spin.
— Michelle van de Poppe (@CryptoMichNL) December 2, 2024
For existing XRP holders, it raises a thought-provoking question: Is XRP likely to triple again, or are there other altcoins with greater potential? The analyst pointed to the potential for portfolio rotation, suggesting that investors should carefully evaluate their current positions.
Read also: Polkadot (DOT) price prediction from expert remains steady, charts path beyond $11
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